You mean like the national outcry over Obamacare?
Alright you bahstids! Let the evil party try this one. Because the 401k is not party specific, the outcry will not be party specific (imagine going from 3/4 millionare to 1/4 millionare to practically penniless). We have about X million baby-boomers ready to retire (trying to time it right-are you observing the demographics?) and Y amount of boomers watching/anticipating their time, the equation is ripe for total rejection!
One side of me hopes that this looting does not happen. The other side wishes the boomers finally get the bill that is owed- for all their years of voting DEMOCRAT.